CONTACTLESS PAYMENTS

Understand the new way customers are paying

What contactless payments mean to your business

The adoption of contactless technology and chip cards not only provides customers with new ways to pay, but also offers businesses the opportunity to provide more choices to customers through digital and chip card acceptance. Get up to speed on what these new technologies are and how supporting contactless payments can benefit your business.

What is a contactless payment?

Contactless payments are when a contactless-enabled device, such as a mobile phone, is used to make a payment at a physical point-of-sale. No physical contact between the payment device and the terminal is necessary. Contactless payment is commonly referred to as a “tap and go” or “tap and pay” transaction.

Payment devices or form factors that can be used to complete a contactless payment, include:

Mobile phones

Tablets

Chip cards

Wearables

How contactless payments work

Near field communication (NFC) is a technology that enables contactless payments. It allows a contactless-enabled device to communicate in close proximity range to a terminal.

Payment data is dynamically exchanged using EMV technology.

Benefits to businesses and customers

Contactless payments offer a unique set of benefits.

Mobile Payment Advantages

Customers get more payment options, including digital wallets, and added security* because card numbers are not transmitted during contactless payments

Businesses benefit from faster checkout, which may reduce lost sales, and may create a competitive advantage over businesses that don’t accept contactless payments

*compared to magnetic stripe transactions

Want additional details about accepting contactless payments and next steps?